Irish banker to step down

After leading the Bank of Ireland through its debt crisis, Pat Molloy is planning to step down before the end of his term

The Irish government owns a 36 per cent stake in the Bank of Ireland (Paddy Cummins)

The governor of the Bank of Ireland, who returned to lead it through its debt
crisis, is preparing to step down this year.

Pat Molloy, 72, whose term runs until July next year, has told friends he
would like to leave early. The news comes at a sensitive time for Bank of
Ireland, which is embarking on a €5.2 billion (£4.6 billion) fundraising to
comply with new rules over how much capital it must hold.

It will also lose five directors this week under a clear-out sanctioned by the
Irish government, which owns a 36% stake.

Bank of Ireland hopes to raise €2 billion in a deal with bondholders, €1
billion from issuing a new convertible bond, with the rest coming from a
rights issue. If it fails to meet a July 31 deadline, it faces a further
state bailout.